Mid last week, prices in the Euro (EUR), Australian Dollar (AUD) cross fell through long term support at 0.5960 (1.6780) to reach 0.5930 (1.6860) at the close. Trading into Monday extended this run to 0.5910 (1.6930) before reversing to 0.5950 (1.6815) early Tuesday. If we look back 1 year on the chart to August 2022 we see a familiar pattern of lower highs followed by lower lows constantly repeating. Looking ahead we see Australian employment data Thursday with unemployment expected to tick higher from 3.6%.
Current Level: 1.6815
Resistance: 1.7200
Support: 1.6650
Last Weeks Range: 1.6685 – 1.6884